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In Japan, manufacturing activity expanded at the fastest pace in over two years while South Korea's exports rose for a fourth straight month in February.
“We are keen on the IT PLI because the state is well connected and there is availability of skilled labor. It is a huge and aspirational sector for us,” said Nitin B Jawale, Managing Director, Industrial Promotion and Investment Corporation of Odisha, the investment promotion agency of the state.
The world faced the biggest pandemic in 2020. Industries across the globe are realigning their strategies and making efforts to revive from the impact of the COVID-19 crisis. Amidst all the gloom, one thing that brought us a ray of hope was the e-commerce industry which saw a significant uptick in demand during these times. As the world grows accustomed to virtual meetings, practice social distancing, and the use of masks, the year 2020 will be considered a redefining year for the e-commerce industry and consumers at large.
How domestic and foreign companies are upbeat about PLI scheme to make India a manufacturing powerhouse
The central government scheme also partly addresses the “disability gap” that India has against other manufacturing destinations from where goods are imported, say experts who track manufacturing companies.
While the government support has been critical in ensuring the sector lifts-off from the runway, unleashing a new wave of bolder and well-directed reforms would thrust the industry to soar higher.
"Every government in the world does that, we in India haven't done that enough and I think that is changing. This realisation is very sharp in India," he added.
The minister observed that a large amount is being paid by the MSMEs for power consumption, which contributes to up to one-fifth of the overall production costs.
The Information Technology sector continued to rule the roost and registered a 7% growth on a year-on-year basis and accounted for 57% of the total PE deal activity.
Amazon said more than 4,100 businesses did sales worth over Rs 1 crore each last year, translating to at least Rs 4,000 crore from small sellers on its platform.
Vriddhi will accelerate the rollout of e-institutes to other cities in India this year, providing training, mentoring and ecosystem support to help local MSMEs prepare for growth as part of the supply chains of Flipkart and Walmart or other channels.
Emphasising on exports as an area which will show a lot of opportunity in the times to come, Das said that the PLI scheme has identified a few champion sectors that will support domestic manufacturers in achieving economies of scale and expanding their footprint in the global market.
The Covid-19 pandemic challenged small businesses in more ways than one. It also brought about learnings and new ways of surviving in tough situations.
Estimates suggest that Gujarat also accounts for upto 10% of jewellery exports in India. Ahmedabad is home to at least 30-40 wholesale jewellery manufacturing units, majority of which are dependent on both domestic as well as export orders.
As part of the ET India Inc Boardroom series, panelists from the MSME sector were of the opinion that there is rapid growth of the online ecosystem and India has made significant infrastructure investments which will yield results in the time to come.
Unlike many developed countries that are struggling with laying down policies and plans to distribute the Covid-19 vaccine, India has the benefit of already having a vaccine distribution mechanism in place that has been running for years.
The pandemic brought in some unprecedented changes that impacted several industries across the economy, the MSME sector being one of the worst hit.
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